I live in orlando, Florida. I'm looking to purchase my first home. I make $45,000. I don't have any debt just a car payment for $400 and car insurance. I can put $10,000. I'm a single with no kids and was wondering how much house i can afford and how much a bank would lend me.
2007-03-26 10:13:21 · 6 answers · asked by ***I Love Anara*** 2 in Business & Finance ➔ Renting & Real Estate
Call your local bank they can help, I'd avoid the loan officers who spam their services here though....
2007-03-26 11:12:25 · answer #1 · answered by Mark P. 5 · 0⤊ 0⤋
Depending on how good your credit is and how much you want to spend monthly, as well as the interest rate you qualify for, the age of the house and a whole lot of other variables, you can pretty much choose what you want.
As a mortgage banker, I get these kinds of questions all the time and when I give people an answer they typically give me a befuddled look and just wonder what they've got themselves into. However, let me tell you that its not as difficult as it all may sound.
What I usually tell people is this: Take what you're making from your job, subtract what you're paying now in rent or mortgage and subtract your other monthly expenses. Then take what's left and add half of that amount to your current rent or mortgage payment. This is usually a comfortable figure for most people.
Since you have a down payment you'll be able to get a little bit nicer place since you can knock the price down a little.
Then again, you can always email me for my contact info and I can help walk you through the process.
2007-03-26 17:27:04 · answer #2 · answered by Evolver_dad 2 · 0⤊ 1⤋
Based on your salary you could probably afford 175-200k if your credit is good. But your downpayment is not going to be very good for homes in that range. Plus dont forget 3-4k in closing costs, so really you can only put about 5 or 6k towards the place. You should wait until you have 10% at least to put down a place. Wait until you have 15-20k saved and then get something around 175k.
2007-03-26 17:37:52 · answer #3 · answered by Anonymous · 0⤊ 1⤋
I make $45k a year as well... with credit in the upper 600s- low 700s range.. a $600 car payment, and no money down... I can get up to $160k on a mortgage. Maybe that will help give you a good idea of what you can obtain! Good luck!
2007-03-26 18:08:28 · answer #4 · answered by Holly 3 · 0⤊ 0⤋
Check on the web on mortgage brokers sites in your area. Most will have a calculator that can give you maximums plus much more information.
2007-03-26 18:02:04 · answer #5 · answered by opinion1 2 · 0⤊ 0⤋
you can afford about $170,000 house as long as you have good credit
2007-03-26 18:26:35 · answer #6 · answered by corey_fouts 1 · 0⤊ 0⤋